Bear Stearns Says Battered Hedge Funds Are Worth Little

Bear Stearns told clients in its two battered hedge funds late yesterday that their investments, worth an estimated $1.5 billion at the end of 2006, are almost entirely gone.

http://www.nytimes.com/2007/07/18/business/18bond.html?ex=1185422400&en=5a30706d0cab857e&ei=5070&emc=eta1

US Begs China to Buy Subprime Mortgages

Mish Note: ECOMOMIC? The HUD could not even manage to spell economic correctly in their News Release.

http://globaleconomicanalysis.blogspot.com/

Who's Holding The Bag?

There is an interesting article in the Financial Times article about Liquidity Threats and who is holding the toxic tranches
http://www.321gold.com/editorials/shedlock/shedlock070507.html

A must read in my opinion

Credit crunch will 'shred investment portfolios to ribbons'

The near collapse of two Bear Stearns hedge funds has lifted the rock on our 21st century mutant capitalism, exposing the bugs beneath to a rare shock of naked light.When creditors led by Merrill Lynch forced a fire-sale of assets, they inadvertently revealed that up to $2 trillion of debt linked to the crumbling US sub-prime and "Alt A" property market was falsely priced on books
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/02/ccview102.xml

PROPAGANDA WITH A CAPITAL 'P'

Anybody who believes that his or her 4% savings account is staying ahead of inflation is ill-informed
http://www.financialsense.com/fsu/editorials/dollardaze/2007/0703.html

Another Great Depression?

The Fed's Role in the Bear Stearns Hedge Funds Meltdown
http://www.globalresearch.ca/index.php?context=va&aid=6209

$250 Billion in Subprime Losses?

Is the subprime mortgage market collapsing before our eyes, or did we avoid a disaster as Bear Stearns stepped up to the plate with $3.2 billion to help its ailing funds? As we will see from the data, the problems in the subprime world are not over. The Fat Lady has not sung. But will the problems in this market contaminate the rest of the liquidity-driven markets? Is the party over?
http://www.safehaven.com/article-7870.htm